WTI CRUDE OIL - WTI Crude Oil Weekly Outlook - 07/18/2016 (GMT)

The WTI Crude Oil has been looking weak over the last couple of days after the failed attempt to settle above the $47.00 resistance level. The oil is moving well below the descending trend line and it has been developing below the aforementioned obstacle the last few days. From a technical point of view, on the 4-hour chart, the price is moving above the 50-SMA and the technical indicators entered into a positive territory. The MACD oscillator is rising above its mid-level and the RSI indicator is following a positive path, above 50 level. Our expectation is a rebound to the support level at $46.45 up to the $47.00 barrier or furthermore until the $47.30 which overlaps with the 100-SMA as well as with the descending trend line which started back in June. On the downside, the $45.75 and the critical level at $45.00 will be the next obstacles for the bears as at the moment these are the last 2 levels that support any bullish actions.